Yamaha Consolidated Business Results Summary – First Three Months of Fiscal Year Ending December 31, 2024

IWATA, JAPAN – May 13, 2024 – (Motor Sports NewsWire) – Yamaha Motor Co., Ltd. (Tokyo: 7272) announces its consolidated business results for the first three months of fiscal 2024.

From HIDAKA, Yoshihiro
President, Chief Executive Officer and Representative Director

In contrast to last year when outdoor recreation was booming, we had strong demand across almost all our businesses, and replenishing inventory was a priority, the business environment has heavily swung in the opposite direction and the first quarter of fiscal 2024 has been marked by concerns of an economic recession and the return of intense competition as market inventories have increased. Amidst these developments, our core business of motorcycles led the way, securing the Company higher revenue and profits.

Fiscal 2024 is the final year of our Medium-Term Management Plan and we expect to record higher revenue and operating income for the fourth year in a row. We also expect to considerably surpass our final 2024 target of over 2,200 billion yen in revenue. Additionally, while we have successfully cleared our profitability and efficiency targets over the last two years, the winds are now turned against us and I believe this year will test if we are able to maintain those levels.

We will continue to keep “transformation” and “speed” in mind as priority themes while adopting a more proactive stance, i.e., taking greater initiative and acting independently, and work together as one to reach our next goal of 3,000 billion yen in revenue.

Consolidated Business Results

Revenues for the period were 642.1 billion yen (an increase of 35.6 billion yen or 5.9% compared with the same period of the previous fiscal year) and operating income was 78.0 billion yen (an increase of 2.1 billion yen or 2.7%). Net income attributable to owners of parent was 56.0 billion yen (an increase of 6.3 billion yen or 12.7%).

For this first quarter consolidated accounting period, the U.S. dollar traded at 149 yen (a depreciation of 17 yen from the same period of the previous fiscal year) and the euro at 161 yen (a depreciation of 19 yen).

In the Company’s core business of motorcycles, the continued strong demand in India and Brazil saw higher overall unit sales, and with the higher prices per unit in these markets, revenues grew. For operating income, the effects of higher revenue in the motorcycle business and cost-cutting efforts were compounded by the positives of a weaker yen, and this led to…